The $1 Billion Move for Solana (SOL) Has Finally Arrived – Activity Seen in On-Chain Data

Forward Industries, backed by cryptocurrency fund Multicoin Capital, has launched a massive acquisition strategy for Solana (SOL). The company announced a $1.65 billion private placement (PIPE). Cash and stablecoin commitments were received as part of the agreement, and Multicoin, Jump Crypto, and Galaxy Digital led the execution of the ￰0￱ to on-chain data, a total of $680 million was collected across two wallets and transferred to Galaxy ￰1￱ initially purchased $326 million worth of SOL for Forward Industries' Solana Treasury Strategy (SOL DAT). The company currently holds approximately $1.3 billion in cash and stablecoins. $354 million of this amount is in stablecoins, with the remainder in cash reserves of up to $1 ￰2￱ News: BREAKING: SEC Releases Update on XRP Spot ETF Application According to the announcement, Kyle Samani, co-founder and managing partner of Multicoin, has been appointed Chairman of Forward ￰3￱ CEO Michael Pruitt has joined the ￰4￱ Ferraro, President and CIO of Galaxy, and Saurabh Sharma, CIO of Jump Crypto, will serve as ￰5￱ said the following in his statement following the agreement: “Today's development demonstrates the belief among leading institutional investors that Solana should be at the center of global capital ￰6￱ the support of Galaxy, Jump Crypto, and Multicoin, I believe Forward Industries is uniquely positioned to accelerate this future.” *This is not investment ￰7￱ Reading: The $1 Billion Move for Solana (SOL) Has Finally Arrived – Activity Seen in On-Chain Data